It is a code term for masturbation, ususally used in College dorm rooms.
Me: Hey, im going to be right back, okay?
Friend: Are you going to be making ramen?
Me: Mayyyybbbeeee...
when the cops pull up to your vehicle and ask why its hella smokey..... just tell em were making ramen!
cops: why is it hella smokey?
me: just tell em were making ramen!